In recent years, there has been an increased interest in the development of dynamic bow-tie filters that are able to provide patient-specific x-ray beam shaping. We introduce the first physical prototype of a new adaptive bow-tie filter design based on the concept of "spatial exposure time modulation." While most existing bow-tie filters operate by attenuating the radiation beam differently in different locations using partially attenuating objects, the presented filter shapes the radiation field using two movable completely radio-opaque collimators. The aperture and speed of the collimators is modulated in synchrony with the x-ray exposure to selectively block the radiation emitted to different parts of the object. This mode of operation does not allow the reproduction of every possible attenuation profile, but it can reproduce the profile of any object with an attenuation profile monotonically decreasing from the center to the periphery, such as an object with an elliptical cross section. Therefore, the new adaptive filter provides the same advantages as the currently existing static bow-tie filters, which are typically designed to work for a pre-determined cylindrical object at a fixed distance from the source, and provides the additional capability to adapt its performance at image acquisition time to better compensate for the actual diameter and location of the imaged object. A detailed description of the prototype filter, the implemented control methods, and a preliminary experimental validation of its performance are presented.